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Filing for bankruptcy earlier can help avoid financial problems

For people in Ohio facing serious personal debt, medical bills or other unrepayable financial demands, bankruptcy can be an important step to protect their financial future. At the same time, the process can also be personally and emotionally challenging for many people. As a result, they may wait until the last possible moment to file bankruptcy, which can have ongoing effects on their finances. In fact, according to one 2018 study, the longer that people wait to finalize their bankruptcy filing, the more difficulties and struggles they face during the process.

When people delay filing for bankruptcy until it becomes absolutely necessary, they may sustain further damage to their financial lives, credit and well-being, which can hinder the potential for a fresh start that bankruptcy presents. Before filing for personal bankruptcy, including Chapter 7 or Chapter 13 bankruptcy, people often endure a severely difficult financial time that can include lawsuits and judgments from creditors and a lack of access to even basic necessities like food or utilities. For many people, this period persists because they hesitate to take the final step of filing for bankruptcy.

In comparison with people who filed for bankruptcy soon after their financial situations became untenable, individuals who waited for five years to file have approximately half the amount of assets. In addition, their ratio of debt to income is approximately 40 percent higher than those who filed more quickly. While 35 percent of people who filed quickly may have a record of lawsuits or judgments, around 50 percent of those who waited for five years had such a record.

While it can be a difficult decision, filing for bankruptcy when debt becomes insurmountable can help a person protect his or her future. Mayfield, Ohio, Chapter 13 bankruptcy lawyers can help people file for bankruptcy, restructuring or eliminating debt that is preventing them from moving forward in life.

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